Retail

Petco to Unveil Four New Stores in August

by Nellie Day August 4, 2016

SAN DIEGO — Petco will open new stores in West Virginia, California, Texas and New Jersey this month. Each new, remodeled and relocated store will offer dog training areas, adoption centers and grooming salons. The California store will celebrate a recent remodel with a grand re-opening celebration on August 26 in Bakersfield. Petco operates more than 1,450 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop; prescription services and pet supplies from the leading veterinary-operated pet product supplier, Drs. Foster & Smith; and petco.com.

August 4, 2016

Illinois Midwest Mixed-Use Office Retail

Colliers International Brokers $7.4M Sale of Mixed-Use Property in Chicago Suburb

by Christina Cannon August 4, 2016

WOODRIDGE, ILL. — Colliers International has brokered the $7.4 million sale of a five-building, mixed-use development in Woodridge, approximately 30 miles southwest of Chicago. A private investor sold the property located at 6315-6440 Main St. Built in 2007, the property consists of one office building and four retail buildings that total 55,626 square feet. Tenants at the buildings include Loyola University Medical, Jimmy John’s, Sport Clips, Salon Aria, Aurelios, ATI Holdings, Seven Bridges Eye Care, Little Kids Learning, Sunburst Innovations, DMB Dental, Cherry Creek Mortgage and 3Vue. Main Street at Seven Bridges is part of a larger lifestyle center and was 93 percent leased at the time of sale. Joseph Yendrek of Equitable Realty Group represented the undisclosed buyer in the transaction.

August 4, 2016

Retail Southeast Virginia

Marcus & Millichap Brokers $8.9M Sale of Shopping Center in Metro D.C.

by John Nelson August 4, 2016

WOODBRIDGE, VA. — Marcus & Millichap has arranged the $8.9 million sale of Woodbridge Square, a 42,881-square-foot shopping center located on 5.1 acres at 13179-13291 Occoquan Road in Woodbridge, roughly 20 miles outside of Washington, D.C. Built in 1990, the property was fully leased at the time of sale to 17 tenants including Dollar General, La Despensa, Top Nails and Teresa Jewelry. Dean Zang of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor based in Washington state. Zang and Marcus & Millichap’s TZD Retail team secured the buyer, a private limited liability company completing a 1031 exchange. Infinity Realty represented the buyer in the transaction. Bryn Merrey of Marcus & Millichap’s Mid-Atlantic offices was the broker of record for the transaction.

August 4, 2016

Florida Retail Southeast Top Stories

Office Depot to Close 300 Stores Over Three Years

by Katie Sloan August 4, 2016

BOCA RATON, FLA. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018. Office Depot closed 42 stores in the second quarter of 2016, completing the company’s previously announced “U.S. retail store optimization plan,” which called for the shuttering of 400 stores nationwide. The company now has a total of 1,513 stores open in the United States, with plans to close an additional 25 throughout the year. The company hopes to expand the pilot program for its smaller, 15,000-square-foot format to 24 stores by the end of 2016, with 100 stores targeted for 2017. The new, smaller footprint is designed to provide customers with easier shopping using a smaller, more curated assortment of products, while expanding in-store services. The announcement comes on the heels of the termination of a merger with Staples Inc. in May, which resulted in a cash payment from Staples of $250 million. As a result, Office Depot has initiated a dividend of 2.5 cents per share, payable on Sep. 15 to shareholders of record at the close of business …

August 4, 2016

California Retail Western

Marcus & Millichap Arranges $6.7M Sale of Mt. Eden Shops Near San Francisco

by Nellie Day August 3, 2016

HAYWARD, CALIF. — Marcus & Millichap has arranged the $6.7 million sale of Mt. Eden Shops, a 10,184-square-foot retail property located at 25965-26250 Industrial Blvd. in the San Francisco suburb of Hayward. The property consists of two freestanding buildings on one parcel anchored by Starbucks Coffee and 7-Eleven. Vincent Schwab and Jeffrey Ida of Marcus & Millichap’s San Francisco office marketed the property on behalf of the seller, an undisclosed limited liability company.

August 3, 2016

California Retail Western

Coldwell Arranges $6.2M Sale of The Plaza at Gordon Ranch in Metro LA

by Nellie Day August 3, 2016

LAKEWOOD, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.2 million sale of The Plaza at Gordon Ranch, a 9,939-square-foot retail center located in the Los Angeles suburb of Lakewood. Scott Hook of Coldwell Banker Commercial represented the seller and buyer in the transaction. Both parties were undisclosed. 7-Eleven anchors the center, which consists of eight units.

August 3, 2016

Retail Texas

Weitzman Negotiates Sale of Elm Ridge Crossing in Frisco

by Haisten Willis August 3, 2016

FRISCO, TEXAS —The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200-square-foot retail center located at the southwest corner of Main Street and FM 423 in Frisco. Eddie Liebman and Matt Rosenfeld of The Weitzman Group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchaser. The center, built in 2005, features a mix of shops and services, including Papa John’s and Allstate.

August 3, 2016

Restaurant Retail Texas

Four Corners Property Trust Acquires Building Net Leased to Wendy’s in Odessa for $2.1M

by Haisten Willis August 3, 2016

ODESSA, TEXAS — Four Corners Property Trust (FCPT) has acquired a building triple net leased to Wendy’s restaurant in Odessa for $2.1 million. FCPT funded the acquisition with cash on hand. Wendy’s occupies the restaurant under a triple-net lease with 10 years remaining on the term. The transaction closed at a going-in cap rate of 6.5 percent, exclusive of transaction costs.

August 3, 2016

Illinois Midwest Retail

Quantum Real Estate Advisors Arranges $3.4M Sale of Retail Building in Chicago

by Christina Cannon August 3, 2016

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,215-square-foot retail building for $3.4 million. iFLY, an indoor skydiving facility, occupies the building, which is located at 800 W. Scott St. in Chicago. A Chicago-based private real estate investor acquired the property from a Chicago-based developer. Chad Firsel of Quantum Real Estate Advisors represented both parties in the transaction.

August 3, 2016

Illinois Loans Midwest Retail

NorthPoint Capital Arranges $1.3M Loan for 16,300 SF Retail Center in Metro Chicago

by Christina Cannon August 3, 2016

CAROL STREAM, ILL. — NorthPoint Capital Funding Inc. has arranged a $1.3 million acquisition loan for a 16,300-square-foot retail center in Carol Stream, approximately 30 miles west of Chicago. Elk Trail Center was built in 1984 and was fully occupied by 11 tenants at the time of funding. The center is located at 257-281 W. Elk Trail Road. NorthPoint Capital placed the 20-year, fully amortizing loan with Farm Bureau of Michigan. The undisclosed borrower was in a 1031 exchange.

August 3, 2016

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